Senate Bill 56 - Revenue Laws Technical Changes

• Updates North Carolina's Internal Revenue Code reference date from February 9, 2018 to January 1, 2019.

• Modifies corporate and personal income tax treatment of Opportunity Zone gains by decoupling from federal deferral provisions under IRC section 1400Z-2(a) to prevent double taxation.

• Adds sales tax nexus requirement for remote retailers with either $100,000+ in gross sales or 200+ separate transactions into North Carolina during the previous or current calendar year.

• Changes excise tax provisions for cigarettes, malt beverages, wine, and liquor including clarifications on interstate cigarette sales, distributor bond amounts ($2,000-$2,000,000), and tax collection responsibilities.

• Extends grace period for sales tax assessments on mixed service contracts and bundled transactions through December 31, 2018, and modifies local use tax distribution procedures.